FACTORS INFLUENCING FINANCIAL WELL-BEING AMONG EMPLOYEES IN AN ORGANIZATION IN NIGERIA

Abstract

With the recent innovation in financial markets, it has now become ever more unavoidable for the employees to be more knowledgeable and proficient in managing their finances. Financial markets terrain has changed so much resulting in the disposal to a wider choice of financial products and services. The aim of this study was to determine the factors influencing financial well-being among employees in an organization in Nigeria. This research focused on employees in Ikeja local government council of Lagos, state Nigeria. Based on the sample size determination, the sample size was estimated at approximately 392 employees. Simple random sampling was used in the selection of the sample. Employees were chosen based on staff profiles in each department. The result of this study is that financial decisions are becoming increasingly complex and demanding. Availability of easy innovative loans and credit products, financial market restructuring and technological advancements in the mode of offering and distributing financial and services have indisputably left many people confused while making decisions on the assortment of savings opportunities. A standard self-administered questionnaire was employed to gather data among 392 selected employees from a local government in Lagos state, Nigeria. It was revealed that the most influential factor for financial well-being is financial strain based on the output of the result. In conclusion, the financial strain of an employee, makes employees to be more cautious of their spending, which will have more effects on their financial well-being.